Budget 2026: New IT Act from April 1, Foreign travel to get cheaper | Highlights

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• A 22% tax will be levied on non-corporate promoters, and the Securities Transaction Tax (STT) on futures and options in the stock market has been increased. The STT on futures has been raised to 0.05%, while the STT on options premiums has been increased from 0.1% to 0.15%.

• Finance Minister Nirmala Sitharaman proposes that 17 cancer drugs and 7 more medicines for rare diseases will be exempt from customs duty.

• Foreign nationals residing in India for up to five years get relief on non-India earnings, announces FM.

• Relief for small taxpayers: "I propose a scheme for small taxpayers wherein a rule-based automated process will enable obtaining a lower or nil deduction certificate instead of filing an application with the assessing officer. For the ease of taxpayers holding securities in multiple companies, I propose to enable depositories to accept Form 15G or Form 15H from the investor and provide it directly to various relevant companies," announces Nirmala Sitharaman.

• No tax on interest by motor accident claims tribunal: "I propose that any interest awarded by the motor accident claims tribunal to a natural person will be exempt from income tax and any TDS on this account will be done away with," says Sitharaman.

• The 2026 budget states that there will no longer be a penalty for concealing income. You will only have to pay a 30 percent tax on that income.

• Income tax forms will be simplified. A new income tax form will be introduced from April 1st. The tax return due date has been extended to March 31.

• TCS (Tax Collected at Source) on international tours has been reduced from 5% and 20% to 2%. A six-month disclosure scheme has been introduced for assets held abroad.

• The fiscal deficit is estimated to be 4.3 per cent of GDP for fiscal 2026-2027, announces Nirmala Sitharaman in Budget 2026.

• In the 2026 budget, Finance Minister Nirmala Sitharaman announced the establishment of five university townships and girls' hostels in every district.

• Finance Minister Sitharaman said that the government will develop a cadre of 'corporate mentors' to assist small and medium enterprises in Tier 2 and Tier 3 cities.

• Aimed at better mental health treatment, especially in North India, Nirmala Sitharaman said that the government will set up Nimhans 2.0 will be set up to cater to mental health troubles.

• Another bonus for poll-bound Tamil Nadu. Nirmala Sitharaman proposes trains for bird watching along the Andhra and Tamil Nadu border.

• Finance Minister Nirmala Sitharaman has announced that seven new high-speed rail corridors will be built in the country, connecting Mumbai to Pune, Pune to Hyderabad, Hyderabad to Bengaluru, Hyderabad to Chennai, and Siliguri to Varanasi.

• Finance Minister proposes three All India Institutes of Ayurveda, upgradation of Ayush pharmacies in Budget 2026.

• Finance Minister Nirmala Sitharaman announced that a ship repair ecosystem will be developed in Varanasi and Patna.

• Finance Minister Nirmala Sitharaman has increased capital expenditure to ₹12.20 lakh crore. The Finance Minister also announced an allocation of ₹40,000 crore for electronic equipment.

• FM Sitharaman proposes to top up Self Reliance India Fund with Rs 4,000 cr in FY27 to support MSMEs

• Finance Minister Nirmala Sitharaman says semiconductor mission 2.0 will be launched and focus will also be on industry-led research and training centres to develop tech and skilled workforce.

• "To develop India's global bio-pharma hub, I propose Biopharma Shakti with Rs 10,000 crore outlay for over 5 years": Finance Minister Nirmala Sitharaman

• Sitharaman presents the building of a rare earth minerals corridor for Tamil Nadu, Odisha, Andhra Pradesh, and Kerala

• Nirmala Sitharaman presents three kartavyas that would help in the country's growth. She adds that growth, people's aspirations, and Sabka Saath Sabka Vikas are the three kartavyas.

• Nirmala Sitharaman praises PM Modi, says he has chosen action over ambivalence, reform over rhetoric. She adds that atmanirbharta is India's lodestar.